Former Zoomcar executives founded EV startup Turno raises Rs 46Cr led by BII, others

Turno, a commercial electric vehicle (EV) distribution and financing startup, has reportedly raised Rs 46 crore in a new funding round led by British International Investment (BII), the development finance institution of the UK government. 

Alongside BII, notable existing investors such as Stellaris Ventures, Quona Accion, and B Capital also participated in the round, Entrackr reported.

Who invested how much?

The recent funding saw a substantial contribution from British International Investment, which invested Rs 24.94 crore.

Stellaris Ventures Partners added Rs 9.27 crore, while B Capital, Quona Accion, and Accion Venture Lab collectively invested Rs 11.23 crore. 

Scaling up operations

The report said Turno will use the raised capital to utilize the freshly raised capital to scale up its operations and support its capital expenditure budget.

Specifically, the funds will be directed towards expansion efforts and meeting the company’s working capital requirements as decided by the board.

The strategic infusion aims to bolster Turno's presence in the commercial EV market, enhancing both its online and physical operations across key regions, including Karnataka, Delhi, Telangana, Maharashtra, Tamil Nadu, and Gujarat.

What does Turno do?

Founded in 2022 by former Zoomcar executives Hemanth Aluru and Sudhindra Reddy, Turno operates as a commercial EV marketplace specializing in three-wheeler electric vehicles.

The platform features vehicles from renowned brands such as Mahindra & Mahindra, Piaggio, Euler Motors, Etrio, Omega Seiki Mobility, and Altigreen. It also provides financing options, including minimal down payments and fixed interest rates for loans.

Turno competes with other EV financing firms like Finayo, Revfin, and Vidyut.